Exhibit 99.1
FOR IMMEDIATE RELEASE
W&T Offshore Announces Tender Offers for 8.500% Senior Notes due 2019, 9.00%/10.75% Senior Second Lien PIK Toggle Notes due 2020 and 8.50%/10.00% Senior Third Lien PIK Toggle Notes due 2021
HOUSTON, Oct. 3, 2018 /PRNewswire/ — W&T Offshore, Inc. (NYSE: WTI) announced today that it has commenced cash tender offers (each, a “Tender Offer” and collectively, the “Tender Offers”) for any and all of its outstanding 8.500% Senior Notes due 2019 (the “2019 Notes”), 9.00%/10.75% Senior Second Lien PIK Toggle Notes due 2020 (the “2020 Notes”) and 8.50%/10.00% Senior Third Lien PIK Toggle Notes due 2021 (the “2021 Notes” and together with the 2019 Notes and 2020 Notes, the “Notes”).
The Tender Offers are scheduled to expire at 11:59 p.m., New York City time, on October 31, 2018, unless extended or earlier terminated (the “Expiration Time”). Holders who validly tender their Notes before 5:00 p.m., New York City time, on October 17, 2018, unless extended (the “Early Tender Date”), will be eligible to receive the Total Consideration (as defined below). The Tender Offers provide for an early settlement option, so that holders whose Notes are validly tendered and not subsequently validly withdrawn prior to the Early Tender Date and accepted for purchase could receive payment as early as October 18, 2018. Tenders of Notes may be validly withdrawn until the Withdrawal Time (defined below). The following table sets forth the Tender Offer Consideration, the Early Tender Premium (defined below) and the Total Consideration for each $1,000 aggregate principal amount of Notes of each series.
| Aggregate Outstanding Principal Amount |
Series of |
CUSIP/ISIN |
Tender Offer Consideration |
Early Tender Premium |
Total Consideration |
|||||||||||
| $189,829,000 | 2019 Notes | CUSIP No. 92922PAC0; ISIN No. US92922PAC05 | $ | 973.75 | $ | 30.00 | $ | 1,003.75 | ||||||||
| $177,513,418 | 2020 Notes | CUSIP Nos. 92922PAG1 and U85254AD9; ISIN Nos. US92922PAG19 and USU85254AD93 | $ | 996.50 | $ | 30.00 | $ | 1,026.50 | ||||||||
| $160,851,884 | 2021 Notes | CUSIP Nos. 92922PAJ5 and U85254AE7;ISIN Nos. US92922PAJ57 and USU85254AE76 | $ | 1,016.50 | $ | 30.00 | $ | 1,046.25 | ||||||||
Holders tendering prior to the Early Tender Date will be eligible to receive the “Tender Offer Consideration” and the early tender premium set forth in the table above (the “Early Tender Premium” and with respect to each series of Notes, together with the Tender Offer Consideration, the “Total Consideration”). Holders tendering after the Early Tender Date will be eligible to receive only the “Tender Offer Consideration,” which does not include the Early Tender Premium. Holders whose Notes are purchased in the Tender Offers will also receive accrued and unpaid interest from the most recent interest payment date at the applicable cash interest rate for the Notes to, but not including, the applicable settlement date. Holders who validly tender their Notes before the Early Tender Date will be eligible to receive payment on the initial settlement date, which may be as early as October 18, 2018, and holders tendering after the Early Tender Date and prior to the Expiration Time will be eligible to receive payment on the final settlement date, which is expected to be November 1, 2018.